CryptoBeaver

Gemini is reportedly releasing 10% of its task force, citing fraud from “bad actors.” It is considered the third stage of the organization’s staff release since 2022. Gemini conducts a third round of layoffs Amid Gemini’s turmoil with Barry Silbert and Genesis’ Parent firm, Digital Currency Group, the cryptocurrency exchange has reportedly conducted a third round of layoffs, causing 10% of employees to lose their jobs.

 The report comes as possible bankruptcy looms over Genesis as it struggles to raise fresh capital. Crypto exchange Gemini revealed working closely with Genesis Trading and its parent company Digital Currency Group, Inc, to find a solution for Earn users to redeem their funds. In a seris of tweets, the Winklevoss-led platform noted that it is working to provide a material informational update soon. “This remains our highest priority and we understand Genesis and DCG remain committed to exploring every possible option to fulfill their obligations to Earn users.” Gemini assured that the turmoil had not impacted any other products and services on its platform and that rest of its operations are working normally. The Unraveling The on-chain activity revealed that Genesis had significant interactions with Alameda, Gemini, and BlockFi via their OTC trading desk. FTT was also a top token received and sent in those transactions. However, Genesis is yet to share more information to bring cl...